Delivered 39.8% revenue growth, including 35.2%
organic improvement
Delivered over 74% increase in Adjusted EBITDA
to $63.3 million; Net Income grew to $32.4 million
Adjusted EBITDA margin improvement of
approximately 480 basis points
Net Income growth of over 108%
Raises full-year 2022 revenue and Adjusted
EBITDA outlook
Janus International Group, Inc. (NYSE: JBI) (“Janus” or the
“Company”), a leading provider of cutting-edge access control
technologies and building product solutions for the self-storage
and other commercial and industrial sectors, today announced
financial results for the third quarter ended October 1, 2022.
Third Quarter 2022 Highlights
- Revenues of $262.5 million, a 39.8% increase compared to $187.8
million for the third quarter of 2021, driven primarily by strong
performance across all sales channels, including Commercial and
Other up 58.3%, Restore, Rebuild & Replace (“R3”) up 49.1%, and
New Construction up 13.8%. The 2021 acquisitions of DBCI and ACT
contributed $8.7 million to revenue growth.
- Adjusted EBITDA (defined as net income plus the corresponding
add-backs shown in the Adjusted EBITDA reconciliation tables below)
of $63.3 million, a 74.3% increase compared to $36.3 million for
the third quarter of 2021, driven by increased revenue from all
sales channels, partially offset by incremental general and
administrative expenses. Adjusted EBITDA as a percentage of
revenues was 24.1%, an increase of approximately 480 basis points
from the prior year period due primarily to increased revenue from
commercial actions and higher volumes, partially offset by
inflationary increases in raw material, labor and logistics costs,
as well as incremental costs associated with the robust pace of
activity for the balance of the year and investing in customer
service.
- Net income was $32.4 million, or $0.22 per diluted share,
compared to a $15.5 million, or $0.10 per diluted share in the
third quarter of 2021.
- Adjusted Net Income (defined as Net Income plus the
corresponding tax-adjusted add-backs shown in the Adjusted Net
Income reconciliation tables below) was $32.3 million, up 111.4%
compared to $15.3 million in the third quarter of 2021. Adjusted
Net Income per diluted share was $0.22, compared to $0.11 per
diluted share in the prior year quarter.
- Operating cash flow of $19.4 million compared to $14.9 million
in the third quarter of 2021. Free cash flow was $16.8 million
compared to $2.9 million in the third quarter of 2021, representing
a free cash flow conversion of 52% of Adjusted Net Income, that
included continued investments in working capital to support the
ongoing growth of the business.
- Quarter end leverage ratio of 3.3x – a decrease of .6x from Q2
2022, with continued focus on maintaining leverage within our
target range of 2.5x - 3.5x.
Ramey Jackson, Chief Executive Officer, stated, “Our third
quarter results came in well ahead of our expectations,
demonstrating the accelerating momentum in our business and the
strong fundamentals of our end markets. We continue to generate
substantial year-over-year revenue growth from all of our sales
channels, led again by particular strength in our Commercial &
Other and R3 sales channels. The EBITDA margin improvements we have
achieved since 2021 continued, as commercial actions, cost savings
initiatives and acquisition synergies increasingly take hold,
driving us back towards levels more representative of the business
over the long term.”
Mr. Jackson continued, “Despite continued macroeconomic
uncertainty, strong fundamentals in our end markets and
particularly self-storage endure in the form of high occupancy
rates that still require years of increasing investment in both
existing and new facilities. We offer market-leading products and
solutions across self-storage, commercial, and industrial end
markets. With our strong cash generation profile, we are well
situated to drive share gains and margin improvements as we invest
in our growth strategy. Based on our strong results year-to-date,
our robust pace of activity for the balance of the year, and a
relentless focus on driving margin improvement, we are pleased to
once again raise our full-year 2022 outlook.”
2022 Financial Outlook:
Based on the Company’s current business outlook, Janus is
raising its full-year 2022 outlook as follows:
- Revenue in a range of $990 million to $1.01 billion, up from
the previous range of $940 million to $960 million. The new range
represents a 33.3% increase at the midpoint as compared to 2021
levels.
- Adjusted EBITDA in a range of $218 million to $225 million, up
from the previous range of $204 million to $211 million. The new
range represents a 49.5% increase at the midpoint as compared to
2021 levels.
About Janus International Group
Janus International Group, Inc. (www.JanusIntl.com) is a leading
global manufacturer and supplier of turn-key self-storage,
commercial and industrial building solutions, including: roll-up
and swing doors, hallway systems, re-locatable storage units and
facility and door automation technologies. The Janus team operates
out of several U.S. locations and six locations
internationally.
Conference Call and Webcast
The Company will host a conference call and webcast to review
third quarter results, discuss recent events and conduct a
question-and-answer session on Thursday, November 10, 2022, at
10:00 a.m. Eastern time. The live webcast and archived replay of
the conference call can be accessed on the Investors section of the
Company’s website at www.janusintl.com. For those unable to access
the webcast, the conference call will be accessible domestically or
internationally, by dialing 1-877-407-0789 or 1-201-689-8562,
respectively. Upon dialing in, please request to join the Janus
International Group Third Quarter 2022 Earnings Conference Call. To
access the replay of the call, dial 1-844-512-2921 (Domestic) and
1-412-317-6671 (International) with pass code 13733048.
Forward Looking Statements
Certain statements in this communication, including the
estimated guidance provided under “2022 Financial Outlook” herein,
may be considered “forward-looking statements” within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements other than statements of historical fact included in
this communication are forward-looking statements, including, but
not limited to statements regarding Janus’s positioning in the
industry to strengthen its pipeline and deliver on its objectives
and Janus’s belief regarding the demand outlook for Janus’s
products and the strength of the industrials markets. When used in
this communication, words such as “may,” “should,” “could,”
“would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,”
“continue,” or the negative of such terms or other similar
expressions, as they relate to the management team, identify
forward-looking statements. Such forward-looking statements are
based on the current beliefs of Janus’s management, based on
currently available information, as to the outcome and timing of
future events, and involve factors, risks, and uncertainties that
may cause actual results in future periods to differ materially
from such statements.
In addition to factors previously disclosed in Janus’s reports
filed with the SEC and those identified elsewhere in this
communication, the following factors, among others, could cause
actual results to differ materially from forward-looking statements
or historical performance: (i) risks of the self-storage industry;
(ii) the highly competitive nature of the self-storage industry and
Janus’s ability to compete therein; and (iii) the risk that the
demand outlook for Janus’s products may not be as strong as
anticipated.
There can be no assurance that the events, results, trends or
guidance regarding financial outlook identified in these
forward-looking statements will occur or be achieved.
Forward-looking statements speak only as of the date they are made,
and Janus is not under any obligation and expressly disclaims any
obligation, to update, alter or otherwise revise any
forward-looking statement, whether as a result of new information,
future events or otherwise, except as required by law. This
communication is not intended to be all-inclusive or to contain all
the information that a person may desire in considering an
investment in Janus and is not intended to form the basis of an
investment decision in Janus. All subsequent written and oral
forward-looking statements concerning Janus or other matters and
attributable to Janus or any person acting on its behalf are
expressly qualified in their entirety by the cautionary statements
above and under the heading “Risk Factors” in Janus’s most recently
filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q,
as updated from time to time in amendments and its subsequent
filings with the SEC.
Non-GAAP Financial Measures
Janus uses measures of performance that are not required by or
presented in accordance with GAAP in the United States. Non-GAAP
financial performance measures are used to supplement the financial
information presented on a GAAP basis. These non-GAAP financial
measures should not be considered in isolation or as a substitute
for the relevant GAAP measures and should be read in conjunction
with information presented on a GAAP basis.
Adjusted EBITDA, Adjusted Net Income, Adjusted Basic EPS, and
Adjusted Diluted EPS are non-GAAP financial measures used by Janus
to evaluate its operating performance, generate future operating
plans, and make strategic decisions, including those relating to
operating expenses and the allocation of internal resources.
Accordingly, Janus believes Adjusted EBITDA, Adjusted Net Income,
Adjusted Basic EPS, and Adjusted Diluted EPS provide useful
information to investors and others in understanding and evaluating
Janus’s operating results in the same manner as its management and
board of directors and in comparison with Janus’s peer group
companies. In addition, Adjusted EBITDA, Adjusted Net Income,
Adjusted Basic EPS, and Adjusted Diluted EPS provide useful
measures for period-to-period comparisons of Janus’s business, as
they remove the effect of certain non-recurring events and other
non-recurring charges, such as acquisitions, and certain variable
or non-recurring charges. Adjusted EBITDA is defined as net income
excluding interest expense, income taxes, depreciation expense,
amortization, and other non-operational, non-recurring items.
Adjusted Net Income is defined as net income plus the corresponding
tax-adjusted add-backs shown in the Adjusted EBITDA reconciliation.
Adjusted Basic earnings (income) per share (EPS) is computed by
taking Adjusted Net Income divided by the weighted average number
of shares of common stock outstanding during the period. Adjusted
Diluted earnings (income) per share (EPS) is computed by dividing
Adjusted Net Income by the weighted average number of common shares
outstanding plus the effect of dilutive potential common shares
outstanding during the period using the treasury stock method.
Dilutive potential common shares include stock purchase warrants
and contingently issuable shares attributable to the earn-out
consideration.
Adjusted EBITDA, Adjusted Net Income, Adjusted Basic EPS, and
Adjusted Diluted EPS should not be considered in isolation of, or
as an alternative to, measures prepared in accordance with GAAP.
There are a number of limitations related to the use of Adjusted
EBITDA, Adjusted Net Income, Adjusted Basic EPS, and Adjusted
Diluted EPS rather than net income (loss), which is the nearest
GAAP equivalent of Adjusted EBITDA and Adjusted Net Income, or
Basic EPS and Diluted EPS, which is the nearest equivalent to
Adjusted Basic EPS and Adjusted Diluted EPS. These limitations
include that the non-GAAP financial measures: (i) exclude
depreciation and amortization, and although these are non-cash
expenses, the assets being depreciated may be replaced in the
future; (ii) do not reflect interest expense, or the cash
requirements necessary to service interest on debt, which reduces
cash available; (iii) do not reflect the provision for or benefit
from income tax that may result in payments that reduce cash
available; (iv) exclude non-recurring items (i.e., the
extinguishment of debt); and (v) may not be comparable to similar
non-GAAP financial measures used by other companies, because the
expenses and other items that Janus excludes in the calculation of
these non-GAAP financial measures may differ from the expenses and
other items, if any, that other companies may exclude from these
non-GAAP financial measures when they report their operating
results. Because of these limitations, these non-GAAP financial
measures should be considered along with other operating and
financial performance measures presented in accordance with
GAAP.
Janus International Group, Inc.
Consolidated Statements of Operations
and Comprehensive Income (Loss)
(In thousands)
Three Months Ended
Nine Months Ended
October 1, 2022
September 25, 2021
October 1, 2022
September 25, 2021
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
REVENUE
Sales of product
$
230,847
$
155,670
$
642,122
$
417,922
Sales of services
31,700
32,120
97,659
96,874
Total revenue
262,547
187,790
739,781
514,796
Cost of Sales
165,755
125,551
482,439
340,070
GROSS PROFIT
96,792
62,239
257,342
174,726
OPERATING EXPENSE
Selling and marketing
14,477
12,066
42,216
31,906
General and administrative
28,418
24,947
86,267
81,469
Contingent consideration and earnout fair
value adjustments
—
—
—
687
Operating Expenses
42,895
37,013
128,483
114,062
INCOME FROM OPERATIONS
53,897
25,226
128,859
60,664
Interest expense
(10,979
)
(7,664
)
(28,622
)
(23,265
)
Other expense
56
91
(313
)
(2,388
)
Change in fair value of derivative warrant
liabilities
—
1,271
—
(658
)
INCOME BEFORE TAXES
42,974
18,924
99,924
34,353
Provision for Income Taxes
10,575
3,382
24,984
5,787
NET INCOME
$
32,399
$
15,542
$
74,940
$
28,566
Other Comprehensive Income
(Loss)
(3,037
)
(1,170
)
(6,938
)
(896
)
COMPREHENSIVE INCOME
$
29,362
$
14,372
$
68,002
$
27,670
Net income attributable to common
stockholders
$
32,399
$
15,542
$
74,940
$
28,566
Weighted-average shares outstanding,
basic and diluted
Basic
146,639,452
138,384,284
146,592,296
95,179,726
Diluted
146,717,917
142,840,792
146,671,509
97,828,380
Net income (loss) per share, basic and
diluted
Basic
$
0.22
$
0.11
$
0.51
$
0.30
Diluted
$
0.22
$
0.10
$
0.51
$
0.30
Janus International Group, Inc.
Consolidated Balance Sheets
(In thousands)
October 1,
January 1,
2022
2022
(Unaudited)
ASSETS
Current Assets
Cash
$
55,335
$
13,192
Accounts receivable, less allowance for
credit losses; $4,553 and $5,449, at October 1, 2022 and January 1,
2022, respectively
$
151,694
$
107,372
Costs and estimated earnings in excess of
billing on uncompleted contracts
$
30,831
$
23,121
Inventory, net
$
69,050
$
56,596
Prepaid expenses
$
12,282
$
9,843
Other current assets
$
2,227
$
4,057
Total current assets
$
321,419
$
214,181
Right-of-use assets, net
$
45,529
$
—
Property and equipment, net
$
42,855
$
41,607
Customer relationships, net
$
288,770
$
312,199
Tradename and trademarks
$
106,971
$
107,980
Other intangibles, net
$
14,743
$
15,861
Goodwill
$
367,262
$
369,286
Deferred tax asset, net
$
59,979
$
58,915
Other assets
$
1,874
$
1,973
Total assets
$
1,249,402
$
1,122,002
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current Liabilities
Accounts payable
$
55,728
$
54,961
Billing in excess of costs and estimated
earnings on uncompleted contracts
$
27,235
$
23,207
Current maturities of long-term debt
$
8,379
$
8,067
Other accrued expenses
$
75,919
$
54,111
Total current liabilities
$
167,261
$
140,346
Line of credit
$
—
$
6,369
Long-term debt, net
$
701,189
$
703,718
Deferred tax liability, net
$
1,678
$
749
Other long-term liabilities
$
41,764
$
2,533
Total liabilities
$
911,892
$
853,715
STOCKHOLDERS’ EQUITY
Common Stock, 825,000,000 shares
authorized, $0.0001 par value, 146,647,275 and 146,561,717 shares
issued and outstanding at October 1, 2022 and January 1, 2022,
respectively
$
15
$
15
Additional paid-in capital
$
279,944
$
277,799
Accumulated other comprehensive loss
$
(7,887
)
$
(949
)
Retained earnings (accumulated
deficit)
$
65,438
$
(8,578
)
Total stockholders’ equity
$
337,510
$
268,287
Total liabilities and stockholders’
equity
$
1,249,402
$
1,122,002
Janus International Group, Inc.
Consolidated Statements of Cash
Flows
(In thousands)
Nine Months Ended
October 1, 2022
September 25, 2021
(Unaudited)
(Unaudited)
Cash Flows Provided By Operating
Activities
Net income
$
74,940
$
28,566
Adjustments to reconcile net income to
net cash provided by operating activities
Depreciation of property and equipment
5,817
4,678
Reduction in carrying amount of
right-of-use assets
3,997
—
Amortization of intangibles
22,278
21,852
Deferred finance fee amortization
2,758
2,286
Provision (reversal) for losses on
accounts receivable
1,206
(59
)
Share based compensation
2,145
5,262
Loss on extinguishment of debt
—
2,415
Change in fair value of contingent
consideration
—
687
(Gain) loss on sale of assets
(45
)
43
Loss on abandonment of lease
571
—
Change in fair value of derivative warrant
liabilities
—
658
Undistributed (earnings) losses of
affiliate
(102
)
76
Deferred income taxes, net
—
(768
)
Changes in operating assets and
liabilities
Accounts receivable
(45,893
)
(16,884
)
Costs and estimated earnings in excess of
billings and billings in excess of costs and estimated earnings on
uncompleted contracts
(7,710
)
(12,101
)
Prepaid expenses and other current
assets
(531
)
(4,488
)
Inventory, net
(12,454
)
(18,474
)
Accounts payable
766
18,409
Other accrued expenses
17,658
28,649
Other assets and long-term liabilities
(2,810
)
(1,124
)
Net Cash Provided By Operating
Activities
$
62,591
$
59,683
Cash Flows Used In Investing
Activities
Proceeds from sale of equipment
$
67
$
79
Purchases of property and equipment
(7,856
)
(15,930
)
Cash paid for acquisition, net of cash
acquired
—
(179,714
)
Net Cash Used In Investing
Activities
$
(7,789
)
$
(195,565
)
Cash Flows Used In Financing
Activities
(Repayments) proceeds from line of
credit
$
(6,369
)
$
19,351
Distributions to Janus Midco LLC
unitholders
—
(4,174
)
Principal payments on long-term debt
(6,051
)
(64,825
)
Proceeds from long-term debt
—
155,000
Proceeds from merger
—
334,874
Proceeds from PIPE
—
250,000
Payments for transaction costs, net
—
(44,489
)
Payments to Janus Midco, LLC unitholders
at the Business Combination
—
(541,710
)
Proceeds from warrant exercise
—
1
Principal payments under finance lease
obligations
(137
)
—
Payments for deferred financing fees
—
(4,321
)
Cash (Used In) Provided by Financing
Activities
$
(12,557
)
$
99,707
Effect of exchange rate changes on cash
and cash equivalents
$
(102
)
$
142
Net Increase (Decrease) in Cash and
Cash Equivalents
$
42,143
$
(36,033
)
Cash and Cash Equivalents, Beginning of
Period
$
13,192
$
45,255
Cash and Cash Equivalents, End of
Period
$
55,335
$
9,222
Supplemental Cash Flows
Information
Interest paid
$
28,351
$
19,227
Income taxes paid
$
21,655
$
1,510
Cash paid for operating leases
$
5,763
$
—
Fair value of earnout
$
—
$
687
Fair value of warrants
$
—
$
658
Non-cash investing and financing
activities:
Right-of-use assets obtained in exchange
for operating lease obligations
$
47,999
$
—
Right-of-use assets obtained in exchange
for finance lease obligations
$
1,373
$
—
Janus International Group, Inc.
Reconciliation of Net Income to
Adjusted EBITDA
(In thousands)
Three Months Ended
Variance
October 1, 2022
September 25, 2021
$
%
Net Income
$
32,399
$
15,542
$
16,857
108.5
%
Interest Expense
10,979
7,664
3,315
43.3
%
Income Taxes
10,575
3,382
7,193
212.7
%
Depreciation
1,982
1,699
283
16.7
%
Amortization
7,408
8,229
(821
)
(10.0
)%
EBITDA
$
63,343
$
36,516
$
26,827
73.5
%
Loss (gain) on extinguishment of
debt(1)
—
—
—
100.0
%
COVID-19 related expenses(2)
—
1,030
(1,030
)
(100.0
)%
Transaction related expenses(3)
—
—
—
100.0
%
Facility relocation(4)
—
35
(35
)
(100.0
)%
Share-based compensation(5)
—
—
—
100.0
%
Acquisition expense(6)
(40
)
—
(40
)
100.0
%
Severance and transition costs (7)
—
—
—
100.0
%
Change in fair value of contingent
consideration(8)
—
—
—
100.0
%
Change in fair value of derivative warrant
liabilities(9)
—
(1,271
)
1,271
(100.0
)%
Adjusted EBITDA
$
63,303
$
36,310
$
26,993
74.3
%
Nine Months Ended
Variance
October 1, 2022
September 25, 2021
$
%
Net Income
$
74,940
$
28,566
$
46,374
162.3
%
Interest Expense
28,622
23,265
5,357
23.0
%
Income Taxes
24,984
5,787
19,197
331.7
%
Depreciation
5,817
4,678
1,139
24.3
%
Amortization
22,278
21,852
426
1.9
%
EBITDA
$
156,641
$
84,148
$
72,493
86.1
%
Loss (gain) on extinguishment of
debt(1)
—
2,415
(2,415
)
(100.0
)%
COVID-19 related expenses(2)
109
1,240
(1,131
)
(91.2
)%
Transaction related expenses(3)
—
10,398
(10,398
)
(100.0
)%
Facility relocation(4)
620
102
518
507.8
%
Share-based compensation(5)
—
5,210
(5,210
)
(100.0
)%
Acquisition expense(6)
782
—
782
100.0
%
Severance and transition costs (7)
500
—
500
100.0
%
Change in fair value of contingent
consideration(8)
—
687
(687
)
(100.0
)%
Change in fair value of derivative warrant
liabilities(9)
—
658
(658
)
(100.0
)%
Adjusted EBITDA
$
158,652
$
104,858
$
53,794
51.3
%
(1)
Adjustment for loss (gain) on extinguishment of debt
regarding the write off of unamortized fees and third-party fees as
a result of the debt modification completed in February 2021 and
the prepayment of debt in the amount of $61.6 million that occurred
on June 7, 2021 in conjunction with the Business Combination. See
Liquidity and Capital Resources section.
(2)
Expenses which are one-time and non-recurring related to the
COVID-19 pandemic. See Impact of COVID-19 section.
(3)
Transaction related expenses incurred as a result of the
Business Combination on June 7, 2021 which consist of employee
bonuses and the transaction cost allocation.
(4)
Expenses related to the facility relocation for ASTA and
Janus Core.
(5)
Share-based compensation expense associated with Midco, LLC
Class B Common units that fully vested at the date of the Business
Combination.
(6)
Expenses related to the transition services agreement for
the DBCI acquisition which closed August 18, 2021.
(7)
Reflects one-time costs associated with our strategic
transformation, including executive leadership team changes,
strategic business assessment and transformation projects.
(8)
Adjustment related to the change in fair value of contingent
consideration related to the earnout of the 2,000,000 common stock
shares that were issued and released on June 21, 2021.
(9)
Adjustment related to the change in fair value of derivative
warrant liabilities for the private placement warrants.
Janus International Group, Inc.
Reconciliation of Net Income to
Non-GAAP Adjusted Net Income
(In thousands)
Three Months Ended
October 1, 2022
September 25, 2021
Net Income (Loss)
$
32,399
$
15,542
Net Income Adjustments(1)
(40
)
(206
)
Tax Effect Non-GAAP on Net Income
Adjustments(2)
(10
)
(37
)
Non-GAAP Adjusted Net Income
$
32,349
$
15,299
Nine Months Ended
October 1, 2022
September 25, 2021
Net Income
$
74,940
$
28,566
Net Income Adjustments(1)
2,011
20,710
Tax Effect Non-GAAP on Net Income
Adjustments(2)
503
3,489
Non-GAAP Adjusted Net Income
$
77,454
$
52,765
(1)
Refer to SEC public filings for detailed breakout. This
amount reconciles to the EBITDA Adjustments/Non-GAAP Adjustments
(2)
Tax effected for the net income adjustments. Used effective
tax rates 24.6% and 17.9% for the three months ended October 1,
2022 and September 25, 2021 and 25.0% and 16.8% for the three and
nine months ended October 1, 2022 and September 25, 2021.
Janus International Group, Inc.
Non-GAAP Adjusted EPS
(In thousands)
Three Months Ended
October 1, 2022
September 25, 2021
Numerator:
Non-GAAP Adjusted Net Income
$
32,349
$
15,299
Denominator:
Weighted average number of shares:
Basic
146,639,452
138,384,284
Adjustment for Restricted Stock Units
78,465
4,456,508
Diluted
146,717,917
142,840,792
Non-GAAP Adjusted Basic EPS
$
0.22
$
0.11
Non-GAAP Adjusted Diluted EPS
$
0.22
$
0.11
Nine Months Ended
October 1, 2022
September 25, 2021
Numerator:
Non-GAAP Adjusted Net Income
$
77,454
$
52,765
Denominator:
Weighted average number of shares:
Basic
146,592,296
95,179,726
Adjustment for Restricted Stock Units
79,213
2,648,654
Diluted
146,671,509
97,828,380
Non-GAAP Adjusted Basic EPS
$
0.53
$
0.55
Non-GAAP Adjusted Diluted EPS
$
0.53
$
0.54
Janus International Group, Inc.
Non-GAAP Free Cash Flow
Conversion
(In thousands)
Three Months Ended
October 1, 2022
September 25, 2021
Cash flow from operating
activities
19,437
14,860
Less capital expenditure
(2,588
)
(11,938
)
Free cash flow
$
16,849
$
2,922
Non-GAAP Adjusted Net Income
$
32,349
$
15,299
Free cash flow conversion of Non-GAAP
Adjusted Net Income
52
%
19
%
Nine Months Ended
October 1, 2022
September 25, 2021
Cash flow from operating
activities
$
62,591
$
59,683
Less capital expenditure
(7,856
)
(15,930
)
Free cash flow
$
54,735
$
43,753
Non-GAAP Adjusted Net Income
$
77,454
$
52,765
Free cash flow conversion of Non-GAAP
Adjusted Net Income
71
%
83
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221110005274/en/
Investor Contacts, Janus John Rohlwing Vice President,
Investor Relations & FP&A, Janus International Rodny Nacier
/ Dan Scott, ICR on behalf of Janus IR@janusintl.com (770) 562-6399
Media Contacts, Janus Bethany Salmon Marketing Content
Manager, Janus International 770-746-9576
Marketing@Janusintl.com
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